Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
 
 
 
 
Popular Search: VAT Audit :: list of goods taxed at 4% :: form 3cd :: due date for vat payment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TDS :: cpt :: VAT RATES :: empanelment :: ACCOUNTING STANDARD :: ACCOUNTING STANDARDS :: articles on VAT and GST in India :: TAX RATES - GOODS TAXABLE @ 4% :: Central Excise rule to resale the machines to a new company :: ARTICLES ON INPUT TAX CREDIT IN VAT
 
 
Direct Tax »
 Advance tax calculation: Firms may have to furnish Apr-Sept income estimates
 Companies may have to furnish Apr-Sept income estimates to I-T dept
 CBDT working on a draft rule that makes it compulsory for companies to provide income estimates by Nov 15
 Companies, HNIs may soon have to specify reason for paying less advance tax than previous year
 TDS Applicability On Government Contracts Under Gst (Under Section 51 Of The Cgst Act, 2017)
 CBEC tells field officers to take GST disputes to Supreme Court
 Jurisdiction-free income-tax assessment on the cards
 CBDT asks I-T department to take urgent steps
 TDS on interest on deposits made under the Capital Gains Accounts Scheme, 1988 where the depositor has deceased
 Tax evaders set to face action: CBDT chairman Sushil Chandra
 Income-tax department calls big corporate entities to pay advance taxes

I-T return filed after last date needs CBDT approval
April, 04th 2014

I have been in China since April 1999. Till that time I was a resident Indian earning in India, but I have been unable to file my Income tax return for the last financial year in India. Being a salaried employee, the tax was deducted at source. Do I need to file returns? —Vinay Agarwal

I understand that you have not been able to file return for income in financial year 1998-1999, i.e. the year ended 31 March 1999. The last date till which you could have filed a belated return for that year was 31 March 2001.

Under the income tax law, any individual having income chargeable to tax is required to file the return of income within the specified due date. Any return filed after the last date allowed under the income tax law will be considered to be invalid unless there is a specific permission from the Central Board of Direct Taxes (CDBT).

As a result, even if you file a return of income now, the same may be considered to be an invalid return.

However, the CBDT is empowered to authorize any income tax authority to admit an application or claim for any exemption, deduction, refund or any other relief even after the expiry of the due dates specified under the Income-tax Act.

In case you have any refund due or a claim to be made for that year, you could approach the CBDT seeking a condonation for the delay in filing the return and request for allowance of the claim or refund.

How much, in cash and in kind, can I bring into India without inviting tax? Is there a limit? Will my earnings in the US be taxed in India? —Sumitava Ghoshal
Under the Foreign Exchange Management (Export and Import of Currency) Regulations, 2000, you are allowed to bring into India foreign exchange without any limit.

However, if the aggregate value of the foreign exchange in the form of currency notes, bank notes or traveller’s cheques brought in exceeds $10,000 or its equivalent and/or the value of foreign currency notes alone exceeds $5,000 or its equivalent, a declaration should be made to the customs authorities in the currency declaration form.

Import in kind—articles, equipment, and the like—is governed by the baggage rules under the customs law and would depend upon various factors such as the nature of articles being brought into India, purpose of visit abroad, etc.

The taxability of your US earned income in India would depend upon various factors such as the nature of income, your residential status in India for tax purposes, provisions of the tax treaty with the US, and others. You may consult your tax adviser to determine the tax treatment of money brought into India.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Multi-level Marketing MLM India Affiliate Marketing Affiliate Marketing Software MLM Software MLM Solutions Multi level marketing solutions MLM Servi

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions